SBA Loan from Farmers Exchange Bank Helps Oil And Gas Field Services Company

Farmers Exchange Bank has a track record as a leading provider of SBA loans. Find out how this Oklahoma entrepreneur received an SBA loan from them.

This small firm received financial assistance through the SBA's lending programs back in 2001. They applied for an SBA loan with Farmers Exchange Bank, out of Cherokee, Oklahoma. The loan was granted and they received $150,000 to help grow their Tonkawa, Oklahoma business.

SBA Loan Borrower

COMPANY TYPE: OIL AND GAS FIELD SERVICES
TONKAWA, OK 74653

SBA Loan Lender

FARMERS EXCHANGE BANK
419 S GRAND
CHEROKEE, OK 73728

This SBA loan was a SBA 7A loan, which means it originated at a lending institution and the SBA provide a guaranty on a portion or percentage of the loan.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1389 - Oil and Gas Field Services

NAICS Code

213112 - Support Activities for Oil and Gas Operations

Loan Approval Date

9/19/2001

Loan Approval Gross Amount

$150,000

Loan Approval from the SBA

Of the total $150,000 loan amount, the SBA guaranteed $120,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 5 employees. The loan application did not indicate that the company planned to use the money to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

SBA loans typically are available at competitive interest rates and have no balloon payments or annual reviews.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. Farmers Exchange Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, Farmers Exchange Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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